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Sarbanes-Oxley News & Developments
S.E.C. Charges Merrill Lynch Four Merrill Lynch Senior Executives Charged in Enron Fraud
> > Four Merrill Lynch senior executives have been charged with aiding and abetting Enron Corp. earnings manipulation in 1999. The fraudulent year-end transactions added approximately $60 million to income and increased earnings per share $.08.
Simultaneous with the filing, the Commission has agreed to accept Merrill Lynch $80 million in disgorgement, penalties and interest. According to a statement from SEC Chairman William H. Donaldson, "This action is a message to all who would help a reporting company commit fraud: we will bring the full weight of our enforcement arsenal against you. Our commitment to protect investors demands nothing less." Added Enforcement Director Stephen M. Cutler, "Even if you do not have direct responsibility for a companys financial statements, you cannot turn a blind eye when you have reason to know that what you are doing will help make those statements false and misleading.
Source: S.E.C. Press Release
Published:2003-03-21
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